Jet seized from India's Punj Lloyd over alleged duty evasion

New Delhi: The Indian Customs Department has seized an aircraft worth Rs 720 million (US$14.5 million) owned by PUNJ LLOYD AVIATION LTD for alleged evasion of import duty. Punj Lloyd had imported the Gulfstream G-200 aircraft under Non-Schedule Operator Permit Scheme, which entitles 100 per cent duty exemption, but violated norms by using it for private purpose, leading to its seizure, sources said. The Customs Department is now all set to issue a show-cause notice for duty evasion to the tune of Rs 180 million (US$3.6 million). In the last three months, the Customs department has seized a total of 15 aircraft for alleged evasion of import duty.
27/10/08 Trading Markets, USA

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Categories: Indian Aviation- In General Oct 2008